Latest news with #SilkRoadEconomicBelt
Miami Herald
15-05-2025
- Business
- Miami Herald
Colombia joins China's Belt and Road Initiative amid tensions with Trump
Colombian President Gustavo Petro has formalized his country's entry into China's Belt and Road Initiative, or New Silk Road, a sprawling geoeconomic development project that already includes over 140 countries. The two nations signed a memorandum of understanding Wednesday 'welcoming China's initiative to promote the Silk Road Economic Belt' and pledging greater cooperation in a range of areas including infrastructure and trade. The move by Colombia, traditionally one of Washington's strongest regional allies, is the latest indication of Beijing's growing challenge to U.S. influence in Latin America, where 21 nations had already signed up to the Chinese initiative. Petro has specifically clashed with U.S. President Donald Trump, who threatened to impose 25% tariffs and revoke government officials' visas during a deportation spat in January. Petro, who started a week-long visit to China on Saturday, announced his plans to increase ties with China in a speech to supporters in Bogotá on May 6. 'I am not in a trade competition with China or the United States. Colombia will be won by whoever makes the best offer during the bidding process,' the president said. China and Colombia have increased economic cooperation in the past few years, most recently forming a working group to discuss joining the Belt and Road Initiative in October 2024. But the deal signed Wednesday still lacks specific project plans or funding pledges, instead outlining areas where the two nations plan to cooperate. It is also not legally binding, allowing the winner of Colombia's 2026 presidential elections to withdraw from the agreement. 'This is right now much more a political move by the Colombian government than it is an economic move,' said Sergio Gúzman, director at Colombia Risk Analysis, a political risk consultancy. The analyst described Petro's decision to sign the deal as a challenge to Trump's attempts to counter Chinese influence in the region and increase Washington's economic power. In his speech in Bogotá before visiting China, Petro questioned why Colombia should give the U.S. preferential treatment. 'Colombia is free to talk to China. What harm has China done to us? Did it invade us, did it take Panama from us?' he said, referring to Panama's U.S.-backed secession from Colombia in 1903. But Colombian business leaders fear the president's decision will trigger short-term retaliation by the Trump administration. 'We have already seen indications that the United States is deploying a strategy of pressuring its partners in the region in order to obtain preferential treatment,' said Javier Díaz Molina, executive president of Colombia's National Association of Foreign Trade. Despite Trump imposing 10% tariffs on Colombian exports like petroleum and coffee, many business leaders want to prioritize the country's relationship with the U.S., fearing China cannot replace it as an export market. 'Colombia, as a sovereign state, can and should explore new trade opportunities. However… these must generate concrete benefits,' said María Claudia Lacouture, president of the Colombian-American Chamber of Commerce. While Colombia imports a similar amount of goods from China and the U.S., it exports far more to America and had a $13.5 billion trade deficit with Beijing last year. 'The commercial relationship with the United States is not only more stable and solid, but it is also more balanced and complementary,' added Lacouture. The Belt and Road Initiative has seen large-scale investment in megaprojects including ports, railways and energy infrastructure in other Latin American nations like Peru, Chile and Argentina. While critics of the program say it can trap poor countries in debt and worsen environmental and labor standards, others argue loan terms are no worse than those of the Washington-backed International Monetary Fund.
The Star
25-04-2025
- Business
- The Star
Cathay Pacific to launch direct flights from Hong Kong to Urumqi
HONG KONG, April 25 (Xinhua) -- Cathay Pacific announced on Friday that it will launch a new route connecting south China's Hong Kong Special Administrative Region (HKSAR) and Urumqi, capital of northwest China's Xinjiang Uygur Autonomous Region, with flights starting on April 28. During a celebration event for the route's launch, Cathay Pacific highlighted that the direct flights from Hong Kong to Urumqi will operate on Mondays, Thursdays, Saturdays, and Sundays, using Airbus A330 aircraft. Addressing the occasion, Cathay Group CEO Ronald Lam said Xinjiang boasts stunning natural scenery and that Urumqi is a key city under the Individual Visit Scheme for Chinese mainland travelers to Hong Kong and Macao. The new route is expected to strengthen connections between Hong Kong and Urumqi, making travel more convenient. Additionally, with the upcoming launch of new destinations in Yiwu, east China's Zhejiang province, and Changzhou, east China's Jiangsu province, next month, the total number of Cathay Pacific's passenger destinations in the Chinese mainland will reach 22, said Lam. Mable Chan, secretary for Transport and Logistics of the HKSAR government, said that Xinjiang is a pivotal place under the framework of the Belt and Road Initiative and a core area of the Silk Road Economic Belt. She expressed optimism that the new route will not only enhance tourism exchanges between the two regions, but also create a new freight corridor to bring Xinjiang's rich products to Hong Kong.
